Redundancies 'inevitable' as footwear retailer Brantano goes into administration
Footwear retailer Brantano has collapsed into administration, putting more than a thousand jobs at risk.
The group, owned by private equity firm Alteri, has struggled following the Brexit-induced collapse in the value of the pound as well as experiencing difficult trading conditions.
Administrator PwC said redundancies would be "inevitable".
Brantano operates 73 stores and 64 concessions across Britain, employing 1,086 staff.
PwC said that despite "sustained efforts and streamlining" to make the business more commercially viable and an attempted sale process, the firm has been placed into administration.
Tony Barrell, lead administrator at PwC, said: "Despite significant improvements in the business and reductions in the cost base, trading has continued to suffer in a depressed and competitive footwear market.
"Like many other retailers, Brantano has also been hit hard by the sharp decline in sterling, the ongoing shift in consumer shopping habits and the evolution of the UK retail environment."
PwC will continue to trade the business while "assessing the trading strategy and any interest in parts of the business over the coming days and weeks".
It has been reported Shoe Zone and Edinburgh Woollen Mill, the retail group run by the billionaire Philip Day, have expressed an interest in parts of the business.
Staff will be paid their arrears of wages and salaries, and will continue to be paid for their work while the business is in administration, the accountancy giant added.